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Global Durable Medical Equipment Market to Grow at a CAGR of 6.29% During 2022-2027, Aided by the Rising Cases of Chronic Illness

According to a new report by EMR titled, ‘Global Durable Medical Equipment Market Report and Forecast 2022-2027’, the global durable medical equipment industry stood at a value of USD 190.5 billion in 2020. The market is expected to grow at a CAGR of 6.29% in the forecast period of 2022-2027.

The durable medical equipment market is driven by the growing cases of chronic illness across the continents. Durable medical equipment provides great amount of support to patients suffering from diabetes, cancer, asthma, and arthritis, among others. Over the forecast period, the growing awareness about the enhanced safety offered by diversified tata durable medical equipment is likely to provide impetus to the market growth.

In August 2021, Invacare (NYSE: IVC) announced the launch of Invacare® AVIVA® STORM RX™ power wheelchair, which will set a new standard for rear-wheel-drive power mobility. Power wheelchairs require little stamina to travel long distances with ease and are known to provide safety and convenience to the elder people. The AVIVA brand has a unique identity that conveys a promise of superior technology, design and performance, which is likely to augment the global market growth.

In terms of region, North America is likely to account for a significant share in the market, owing to the growing investments and increasing healthcare expenditure in the United States of America and Canada in order to counter the chronic diseases, which are prevalent among the geriatric population. The market in the region will further be aided by the technological advancements in the healthcare infrastructure for the purpose of bolstering the quality of living among the citizens.

Market Breakup by Products, End-Uses, and Region:

  • The market is segmented on the basis of product into personal mobility devices, bathroom safety devices and medical furniture, monitoring and therapeutic devices.
  • The major end-uses of the product include hospitals, nursing homes, and home healthcare, among others.
  • Region-wise, the global market for durable medical equipment can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for durable medical equipment is driven by the growing adoption of durable medical equipment in hospitals and homes.
  • The rising healthcare expenditure in the emerging economies is likely to propel the market growth.
  • The growing prevalence of chronic diseases among the geriatric population is anticipated to buttress the demand for DMEs, in order to enhance the comfort and prevent the situation from deteriorating.
  • The market will further be aided by the technological advancements in the healthcare infrastructure at the global level for a more effective reach of DMEs.

Key Offerings of the Report:

  • The EMR report gives an overview of the global durable medical equipment market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, end-uses, and regions of durable medical equipment.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global durable medical equipment market include Invacare Corporation, Sunrise Medical, ArjoHuntleigh, Hill-ROM, Stryker Corporation, and Medline industries INC., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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